[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 2572 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 2572

 To limit the collection of annual premiums under the FHA program for 
 mortgage insurance for single family housing, and for other purposes.


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                   IN THE SENATE OF THE UNITED STATES

                           September 26, 2019

 Mrs. Shaheen introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

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                                 A BILL


 
 To limit the collection of annual premiums under the FHA program for 
 mortgage insurance for single family housing, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``FHA Loan Affordability Act of 
2019''.

SEC. 2. ANNUAL PREMIUMS.

    Section 203(c)(2) of the National Housing Act (12 U.S.C. 
1709(c)(2)) is amended--
            (1) in subparagraph (B)--
                    (A) in clause (i), by striking ``For any'' and 
                inserting ``Subject to subparagraph (D), for any''; and
                    (B) in clause (ii), by striking ``For any'' and 
                inserting ``Subject to subparagraph (D), for any'';
            (2) in subparagraph (C)(i), by striking ``In addition'' and 
        inserting ``Subject to subparagraph (D), in addition''; and
            (3) by adding at the end the following:
                    ``(D) The Secretary may not collect any annual 
                premiums under this paragraph with respect to a 
                mortgage at any time that the remaining insured 
                principal balance (excluding the portion of the 
                remaining balance attributable to the premium collected 
                under subparagraph (A)) is 78 percent or less than the 
                lower of (i) the sales price of the dwelling at the 
                sale in connection with which the mortgage was made, or 
                (ii) the appraised value of the dwelling at the time of 
                the origination of the mortgage.''.
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